Market Overview

The Global Residential Energy Storage Systems Market was valued at USD 5,619.0 million in 2023 and is expected to reach USD 32,227.3 million by 2031 while growing at a CAGR of 24.4% during the forecast period (2024-2031).

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Market Dynamics

This section of the report will analyze various driving and restraining factors that are expected to have a significant impact on the global residential energy storage systems market growth. A Residential Energy Storage System (RESS) enables homeowners to store on-site generated electrical energy, often using batteries and sourced from renewables like solar panels or wind turbines. This stored energy is then utilized during high electricity demand or when renewable sources are inactive, such as at night.

Increasing demand for energy independence and integration with renewable energy sources propels the growth of the residential energy storage systems market. However, obstacles such as high initial costs and technological limitations may hinder market expansion.

Furthermore, the global residential energy storage systems industry will be analyzed through various tools including PESTLE analysis, and Porter’s analysis.

Segmentation – By Technology Type Analysis

The Global Residential Energy Storage Systems Market is segmented Lithium-ion Batteries, Lead-acid Batteries, and Other Technology Types, based on Technology Type. In 2023, Lithium-ion Batteries accounted for the majority of the market share*.

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Global Residential Energy Storage Systems Market: Regional Analysis

Based on region, the market is divided into six regions including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. In 2023, Europe dominated the market with the highest market share, while Asia Pacific is expected to grow with the highest CAGR during the forecast period (2024 – 2031).

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Competitive Landscape

Some of the key players operating in the market are LG Energy Solution Ltd, Hitachi Energy Ltd, Panasonic Corporation, Saft Groupe SA, Sonnen GmbH, Sunverge Energy LLC, Tesla Inc., Deutsche Energieversorgung GmbH (SENEC), and Samsung SDI Co. Ltd.

Table of Contents:

1. Research Methodology and Market Scope

• Research Methodology

• Market Scope

2. Executive Summary

3. Global Residential Energy Storage Systems Market Dynamics

• Drivers

• Restraints

• Opportunity

4. Global Residential Energy Storage Systems Industry Analysis

• PEST Analysis

• Porter's Five Force Analysis

• Recent Deals Analysis

5. Global Residential Energy Storage Systems Market Segmentation, By Technology Type

• Global Residential Energy Storage Systems Market Share Analysis, By Technology Type  

• Global Residential Energy Storage Systems Market Growth Analysis, By Technology Type  

• Global Residential Energy Storage Systems Market Trends, By Technology Type

o Lithium-ion Batteries

o Lead-acid Batteries

o Other Technology Types

6. Global Residential Energy Storage Systems Market Segmentation, By Region

• Global Residential Energy Storage Systems Market Share Analysis, By Region

• Global Residential Energy Storage Systems Market Growth Analysis, By Region

• Global Residential Energy Storage Systems Market Trends, By Region

o North America

o Europe

o Asia Pacific

o Latin America

o Middle East

o Africa

7. Competitive Landscape

• LG Energy Solution Ltd*

o Company Overview

o Financial Performance

o Key Development/Strategies

o SWOT Analysis

• Hitachi Energy Ltd

• Panasonic Corporation

• Saft Groupe SA

• Sonnen GmbH

• Sunverge Energy LLC

• Tesla Inc.

• Deutsche Energieversorgung GmbH (SENEC)

• Samsung SDI Co. Ltd

 *Similar analysis will be provided for each company listed above.